May 28, 2023

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G7 criticizes India’s decision to halt wheat exports | Economy

Ministers Of Exports were confirmed to be suspended on Saturday From The war in Ukraine caused by the heat wave will “worsen” the crisis of global grain supply.

“If everyone starts restricting their exports or closing their markets, the crisis will worsen and it will be to the detriment of India and its farmers,” German Foreign Minister Chem Ostemir said after meeting G7 colleagues of key Western powers in Stuttgart.

“We urge India to shoulder its responsibilities as a member of the G20,” he said.

G7 “spoke out against export restrictions and urges us to keep markets open,” zdemir told a news conference.

India, the world’s second-largest wheat producer, on Saturday banned grain exports unless there is special approval from the government for the move.

The move reinforces fears that the crisis caused by the Russian invasion of Ukraine on February 24 will worsen.

Prior to the conflict, Ukraine was the world’s fourth-largest corn exporter and the world’s third-largest wheat supplier.

But due to the siege of its ports, about 20 tons of grain are stored in the pits of Ukraine, and this year its harvest is threatened by war.

India, hit by a heat wave that has reduced its grain production, has suspended its exports to guarantee its “food security” and is facing price rises caused by the war in Ukraine.

Agreements signed before the order can be issued can be executed, but the following agreements will require special approval from the government, which will examine them on a case-by-case basis.

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The Russian invasion of Ukraine will exacerbate the weakness of the Russian and Ukrainian grain and fertilizer dependent countries, especially in Africa, where food security continues to be compromised by conflicts, climate shocks and economic crises.